By Park Boram

BRASILIA, July 27 (Yonhap) -- South Korean President Lee Jae Myung held a summit with Brazilian President Luiz Inacio Lula da Silva here on Monday as Seoul seeks to strengthen cooperation with the South American country in critical minerals and supply chains.

The Lee-Lula summit in Brasilia marks their second official talks this year, following their previous summit in February in Seoul, during which the leaders agreed to elevate bilateral ties to a strategic partnership.

Escorted by mounted honor guards, Lee arrived at the Brazilian presidential palace in the capital, where he was greeted by Lula with a hug and a smile. The South Korean president arrived here Sunday as part of his three-nation South America tour that will later take him to Chile and Argentina.

The leaders were expected to discuss ways to strengthen cooperation, especially in critical minerals and supply chains, as Seoul seeks to diversify its trade portfolio amid shifts in the global trade environment.

They may also discuss ways to resume stalled negotiations on a trade agreement between South Korea and South American trade bloc Mercosur, according to South Korean officials.

South Korea and Mercosur, one of the world's largest trade blocs, began formal negotiations for a trade pact in 2018, but the talks have stalled since late 2021

Lee and Lula stressed the need to resume negotiations for a South Korea-Mercosur trade pact when they last met in February.

pbr@yna.co.kr

(END)

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